As the Cayman Islands Government continues its COVID-19 recovery plan, a Cabinet Order, in accordance with section 1( 3 ) of the National Pensions (Amendment) Act 2020, has extended the national pension holiday for an additional three months through 31 March 2022.
Deputy Premier and Minister for Labour Hon. Chris Saunders said, “This Government is of the view that the continued suspension of pension contributions is essential to the recovery process and will continue to provide businesses and workers with the financial relief needed as we continue through the phased implementation of our economic recovery plan”.
With the pension holiday extension, employers and employees will not be required to pay mandatory pension contributions into pension plans. As with the previous pension holidays, Government Owned Companies and Statutory Authorities are excluded from the Order, and therefore must continue to make respective pension contributions.
The Department of Labour & Pensions reminds the public that voluntary pension contributions can be paid into pension funds in such cases. Either the employee or the employer may opt to pay voluntary pension contributions however, the other party is not required to contribute as well.